Friday, Jul 25, 2008
research from Yorkshire Building Society
myfinances.co.uk: http://www.myfinances.co.uk/news/savings/online-savings-account/britain-52-days-from-financial-ruin-$1233270.htm
A lack of savings is putting Brits as risk of financial peril. Shockingly, over a third (36 per cent) would only be able to last 11 days, with less than £500 in accessible savings.
Posted by sold 2 rent 1 @ 08:29 AM (1085 views) Add Comment
25 Comments
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1. Whostolemyendowment said...
With historically low interest rates, until recent ramp up, putting money in savings accounts with minimal interest and the tax man taking his cut of that - gave no indudement to save. Even ISA have been a low performing investment, with low maximum input allowances, with long notice periods for withdrawals if you wanted an 0.x% interest.....putting money in to houses or shares have been seen as the best option....or in some cases just buying 'stuff'. Then their is always the yearly spendfest (Christmas)....
Also - when people are sailing close to the wind with their finances - savings are a low priority, or it is not possible to put money aside. After all there is always next payday - right?
This has allowed the average person to expose themselves to difficulty in a downturn - with no reserves to call on.
2. Malct said...
many people have been hiding poverty with debt for years
now we have the people crunch
wealth extraction
3. jack c said...
A product of the "live for today" culture which developed over the last decade and a half
4. Happy Mondays said...
Only 24hrs away from anarchy, maybe 52 days! Still i am sure the government would step in and help all the poor and desperate.
5. rickyb said...
What has this got to do with gold?
6. jack c said...
@2. rickyb said...
What has this got to do with gold?
It has a lot to do with HPC because it impinges heavily on affordability for those with mortgages and potential first time buyers
7. sold 2 rent 1 said...
Looks like gold found its support at 915.
After a bit of consolidation at this level we should see the next upleg begin and blast through 1000
8. sold 2 rent 1 said...
jack c,
I think that was a joke from rickyb!!!!!!!!!!!!!!
9. jack c said...
@sold 2 rent 1 - thanks, I figured that, but lets try and stay on topic as much as possible.
10. hpwatcher said...
Sadly, it was always going to end in this way. The whole country has been living far beyond it's means for far too long.
11. sold 2 rent 1 said...
Gardenia,
Looks like you will have no shortage of volunteers for your plant cloning operation when all these people are unemployed, penniless and hungry.
The Second Great Depression is coming. The worst years will be 2010 and 2011
12. Fjcruiser said...
people are already saving hence the bad retail figures. it is amazing how with a knive on your throat, bad habits disapear quickly. That's what I call readjustment.
13. renting2 said...
The nanny-state will now be hoist by its own petard. People will turn to it and expect to be bailed out.
14. nooneo said...
sold 2 rent 1 @ 8
"The Second Great Depression is coming. The worst years will be 2010 and 2011"
You keep this up for another 2 years S2R1 and i won't be in a great depression I'll be positively suicidal !
15. layers said...
Can you imagine how this will affect the UK's public spending?! I'm thinking now that if we don't join the euro the pound will go the way of the dollar which is going to really kill us - still exports and labour would be cheap so maybe manufacturing would make a rebound.
If UK Plc is going on a spending binge, then why not at least put it into infrastructure projects - rail connections, new roads, etc..
Also it makes my blood boil that the f**g utilities are now mostly going to be owned by foreigners who then have the nerve to raise prices - Nationalise 'em back
16. Ten Years To Get My Money Back said...
hpwatcher said...
"Sadly, it was always going to end in this way. The whole country has been living far beyond it's means for far too long."
Not everyone. How many people here on HPC are up to their eyes in debt ?
These average figures always fascinate me as there is no indication of the spread.
How many people are at the average and how many are way off to one side (i,e what is the spread to get mathematical)
If someone has saved £8000 does this mean there are four or more people with zero to maintain the average?
Speaking of £8000 I was a bit surprised when the cashier at YBS commented on the large amount
I had in my savings account and suggested I saw one of their advisers !
17. beartil2010 said...
'this research paints an extremely alarming picture for those consumers without any protection products in place'
Quick, buy some insurance!
18. sold 2 rent 1 said...
nooneo,
"I'll be positively suicidal"
Unfortunately that will be the state many will HAVE to get to before change occurs.
Change/creativity can only come from chaos.
The change required is in your consciousness.
Everyone has a choice and anyone starting the change process early can avoid the extreme mental pain that will be experienced by someone who continually denies the truth.
Think about the pain you bloggers went through from 2003-2007 when BTL landlords continually goaded you.
What I am talking about is exactly the same but on a much, much bigger scale.
It takes massive courage to go against mainstream opinion.
You have done it once with HPC.
Why not do it again?
19. beartil2010 said...
Ten Years To Get My Money Back @ 16
Well if one third / 33% have only enough for 11 days, then it's a fair assumption to use a bell curve and suggest 33% have enough for 93 days. Anyone in that one third is going to end up in debt, taking benefits, probably bankrupt... adding to the burden on the state for our bankrupt government and simultaneously spending nothing and so not contributing to our companies.
As for your £8k comment, same here, they hassled me for years about having 'lot of money' in my account!
20. gardeniadotnet said...
@s2r1 >Looks like you will have no shortage of volunteers for your plant cloning operation when all these people are unemployed, penniless and hungry.
Yes, but when they volunteer they will be neither unemployed, penniless nor hungry. I don't expect people to give their time for free.
21. sold 2 rent 1 said...
gardeniadotnet,
"Yes, but when they volunteer they will be neither unemployed, penniless nor hungry. I don't expect people to give their time for free."
I can now see how your system will work in the chaos that lies ahead.
Good work.
22. gardeniadotnet said...
Thank you.
23. plato said...
gardenia
You chose a sweet scented flower name. You appear to have a philanthropic leaning. Difficult to understand you but easy to appreciate.
24. Whostolemyendowment said...
They say we are only one meal away from anarchy - one missed payday away from.....
The ones that will suffer most are the middle income with over exposure to debt.....the underpaid and poor will meddle along as always. I once knew a guy in the USA with a big salary, car, house, etc.....but all his credit cards as he said were 'max'ed out'....not sure what he is up to now.....probably holding up a piece of cardboard at a road cross-section - with 'will write html for food' written on it!
25. techieman said...
Ten years - they will probably try to get you to put your money in the Stock market - will probably give you the spheel about shares always going up in the long term (even the 87 crash was just a blip) blah blah blah - they might even try the old you get your money back if the market goes t*ts up etc. Interestingly this has happened to me twice. The first time was in 89 when someone was trying to sell me some units with the Nikkei 225 (or rather the gain in it) as the underlying investment. The second time was last year when i went into Nationwide and the guy tried to sell me the same thing. Funny really the guy at Nationwide was a bit OTT - he actually said well its been going up for years on average - only a fool would bet against it continuing. I smiled got up shook his hand and said ive always been foolish.